Ireland

Ireland is likely to issue an increasing number of authorisations for financial groups seeking to move operations to Dublin from London ahead of Britain’s March 29 departure from the EU, as worries grow about a no-deal Brexit, the Financial Times reported. Dublin wants to become a hub for previously UK-based institutions to service EU clients and the shift by financial services companies has been accompanied by similar moves by groups in sectors such as pharmaceuticals and the law.

For the past 20 years, the border has existed on paper alone: Britain and the Republic of Ireland are both members of the European Union and its common marketplace. So people, goods and livestock can come and go as they please, traversing the mostly invisible line without tariffs or bureaucratic hindrance. But Britain’s looming exit from the European bloc, known widely as Brexit, threatens to make the old border real again — a factor that has long collided with any prospect of a smooth divorce, according to a New York Times analysis.

Plans by Ireland’s banks to issue up to €10 billion in unsecured debt could be dealt a blow by a hard Brexit, the Sunday Times reports, citing concern from regulators, The Irish Times reported. In the event of a no-deal Brexit, access by Irish banks to London’s debt markets could be cut off. AIB and Bank of Ireland must each raise between €3 billion and €5 billion by 2020 from bondholders while Permanent TSB must raise €900 million, the newspaper says.

The Irish government has unveiled further contingency plans to cope with a potential no-deal Brexit, identifying affected sectors that would require up to 45 pieces of emergency legislation, the Irish Times reported. The plans, published yesterday would include the purchase of land at Dublin Port and Rosslare to prevent congestion from new customs, sanitary and animal health checks at the sea ports.

Losses more than doubled at Dublin-headquartered social media monitoring company NewsWhip last year as the company invested heavily in its technology platform as it looks to grow recurring subscription revenues. Founded by Paul Quigley and Andrew Mullaney in 2011, NewsWhip uses predictive data and analytics to identify breaking news stories of relevance to their clients. The company has more than 500 of the world’s leading publishers, brands and agencies as customers, including big names such as Reebok, the Washington Post, IBM, Ford, Condé Nast, L’Oréal and Walmart.

A no-deal Brexit could almost halve Irish economic growth next year, the Economic and Social Research Institute (ESRI) has warned, the Irish Times reported. In its latest economic commentary, the think tank modelled the short-term impact of various Brexit scenarios on the Irish economy. It found that if the UK left the EU without a deal, and assuming World Trade Organisation (WTO) rules then apply, this would curtail growth here to 2.6 per cent compared to 4.2 per cent in the absence of Brexit.

A group of building industry players, including the daughter of former developer Liam Maye, has bought the Basta locks and ironmongery brand out of examinership, The Irish Times reported. Basta, which went into examinership in July, employed 48 people. It was based in Sligo where it was founded more than 60 years ago. Desand, an Irish company, has acquired the brand, its goodwill and the company’s stock but is not acquiring the business, or its staff. It said it would continue to trade as Basta “as this continues to be one of the strongest brands in the sector for over 60 years”.

Ireland’s richest man has been forced in the face of an investor backlash to sweeten the terms of a plan to postpone repaying $3bn in debt at his Caribbean telecoms company. Denis O’Brien is seeking more time for Digicel to repay debt amid anxiety about a possible default on a $2bn bond due in 2020, the Financial Times reported. This debt, and another $1bn bond due in 2022, are at the centre of long-running talks between Mr O’Brien and his investors.

Businessmen brothers Brian and David Stenson have claimed a “vulture fund” has “concocted” the wrongful appointment of a receiver over a commercial property owned by them in Finglas, Dublin. Jarlath Ryan BL, for the brothers, told the High Court on Wednesday that Promontoria (Oyster) DAC was not entitled to appoint David O’Connor as receiver over the property at Century Business Park. Counsel said his clients are not in default of loans acquired by the fund from Ulster Bank in 2004 and the fund is attempting to put them effectively “out on the street,” The Irish Times reported.